Bursa reprimands MPCorp for failure to announce audited results
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Bursa reprimands MPCorp for failure to announce audited results
Bursa reprimands MPCorp for failure to announce audited results
By Supriya Surendran / theedgemarkets.com | June 29, 2016 : 8:25 PM MYTKUALA LUMPUR (June 29): Bursa Malaysia has publicly reprimanded Malaysia Pacific Corp Bhd (MPCorp) for failing to announce the group’s audited accounts in time for the financial year ended June 30, 2014.
The exchange also fined eight persons who had served as the group’s directors at that time, according to a filing on the Bursa website.
“MPCorp is also required to ensure all its directors and the relevant personnel of the company attend a training programme in relation to compliance with the main listing requirements, particularly pertaining to financial statements.
“In addition, MPCorp is also required to ensure its board of directors review and assess the adequacy and competency of its finance and accounting resources and adequacy, comprehensiveness and effectiveness of the company’s policies and procedures, in respect of financial reporting and implementation of the same,” said the filing.
MPCorp had only announced its FY14 results on Dec 1, 2014, when it was required to do so by Oct 31 that year.
The eight who were fined include former chairman Datuk Sri Syed Hussein Abd Kadir, vice chairman and executive director Datin Kong Yuk Chu, chief executive officer and executive director Ch’ng Soon Sen, former executive director Dr Lai Chee Chuen and former executive director Teh Por Yee.
Former non-executive directors Norsyahrin Hamidon, Da Cruz Sean Nicholas and Datuk Syed Norulzaman Syed Kamarulzaman were also fined.
All of these directors were publicly remanded and fined RM4,200 each, except for Ch’ng who was fined RM10,500.
Bursa said MPCorp’s delay in announcing its FY14 results was essentially due to failure of the company to resolve certain outstanding audit matters which formed the basis for the external auditors’ disclaimer audit opinion in the FY14 accounts.
MPCorp and its directors were informed by the external auditors of the outstanding audit matters, including the possibility of a qualified or a disclaimer opinion in the FY14 accounts as early as Aug 25, 2014, it said.
However, they did not take reasonable steps and efforts to provide the required information, and to address and resolve with the external auditors, the outstanding audit matters expeditiously, to enable the finalisation and issuance of the FY14 accounts on or before Oct 31, 2014.
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